New york: Oil prices continued their upward trend on Thursday amid geopolitical concerns and the potential for supply disruptions. Brent crude futures rose 23 cents, or 0.3 percent, to $70.58 a barrel by 0735 GMT, while U.S. West Texas Intermediate crude futures climbed 25 cents, or 0.4 percent, to $65.44 a barrel.
According to Yemen News Agency, the increase in oil prices is influenced by ongoing geopolitical tensions that could impact global supply chains. Analysts are closely monitoring these developments, as any disruption could further influence the market dynamics and pricing strategies.
Market participants are also keeping an eye on production adjustments by major oil-producing countries. These countries' strategies could significantly affect the supply-demand balance, thereby influencing price trajectories in the near term.